r Córdoba Garcés assumed his current
position as CEO of the Colombian
Securities Exchange in March 2005.
Since then his main challenge within
the organization has been the transformation of
the exchange into a modern business. For this
the exchange needed to obtain a high-quality
product portfolio that meets – and exceeds - the
needs of both the broader market and investors
in general.
Mr Córdoba’s achievements include having led the
BVC to be listed on the equities market (2007);
the modernization and internationalization of the
Colombian capital markets through the creation
of the Integrated Latin American Market (MILA)
(2009); propelling the equity and fixed income
markets towards improved liquidity; and the
creation of the standardized derivatives market
(2008).
Juan Pablo Córdoba is also President of the IberoAmerican Federation of Stock Exchanges (FIAB)
for the period 2013 to 2015. Previous to his
current position, Mr Córdoba was director of the
Colombian Fondo de Garantías de Instituciones
Financieras (Financial Institutions’ Guarantee
Fund, FOGAFIN), a position he held between
August 2002 and February 2005.
Mr Córdoba began his career as an economist
at the Fiscal Management Division of the
Inter-American Development Bank (IDB) in
Washington. Upon his return to Colombia, he was
named general-director of public credit at the
Consejo Superior de Política Fiscal (Colombian
Fiscal Policy Board, CONFIS) of the Colombian
Ministry of Finance and Public Credit, a position
he held for three years.
In 1999, Mr Córdoba again departed for
Washington, now to work as an economist at
the Western Hemisphere Department of the
International Monetary Fund (IMF) where he
stayed till 2005.
Mr Córdoba earned a Master’s Degree and a PhD
in Economics from the US Ivy League University
of Pennsylvania in 1996. Previous to that, he
obtained his Bachelor’s Degree in Economics in
1988 from the well-respected Universidad de los
Andes in Colombia.
Mr Córdoba is confident that the Colombian
Securities Exchange (BVC) stands at the
threshold of a promising future. His buoyant
outlook is based in part on the surprisingly
successful initial public offering (IPO) of shares
in Ecopetrol. “This IPO did away with no less
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CEO: Juan Pablo Córdoba Garcés

than two paradigms that had until then hindered
development,” says the BVC chief who goes on to
explain that the first paradigm broken concerned
the supposedly small size of the local capital
market.
“This proved entirely unfounded since the
Ecopetrol listing brought in $2.6 billion
exclusively from Colombian investors. The second
paradigm that was shattered concerned the
limited access Colombians enjoy to the country’s
capital markets. This proved to be nonsense
as well since Ecopetrol shares were bought by
investors from all levels of society hailing from
well over a thousand different municipalities
scattered all across our country.”
Mr Córdoba is also quite sure that the BVC will
continue to reap the benefits of continued low
interest levels. “Low interest rates traditionally
favour risk in investments. Fixed-income
instruments and mutual funds offer paltry
returns on capital. It is therefore quite logical
that investors both large and small start looking
for alternative ways to make their money work for
them. At the BVC, we are now ready to serve this
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demand in an efficient, streamlined and secure
way.”
Although transaction costs on the BVC remain
comparatively high, settlement and clearance
fees remain very low resulting in a good overall
cost picture. “As the market continues to grow,
these costs will come down further. Automated
processes and increased trading volumes are also
expected to dampen costs making Colombia’s
BVC a particularly attractive option for not just
domestic investors but overseas ones as well.”
Mr Córdoba expects Colombia’s recent successes
in both the political and economic arenas to
add to the country’s already strong GDP growth.
Business is already good and now gets ready
to boom. “Equity is what will generate value
over the next decade or so. No matter what you
happen to think about today’s share prices, in ten
to fifteen years you’ll be pretty sorry you didn’t get
a piece of the action. The outlook for Colombia’s
publically traded companies is generally good to
excellent. They are ready for take-off and so is
Colombia’s Securities Exchange.” i